"As more and more information is generated, business models need reinvention, and it's increasingly clear that mastering analytics on big data will be a key driver for the next economic cycle," Gartner analyst Dan Sommer said in a statement.

BI spending will continue to increase because of other factors, such as the desire for department-specific and personal BI tools, according to the analyst firm.

But BI market growth will likely remain in the high single digits in coming years, due to "sluggish" macroeconomic indicators as well as "slowing sales cycles of multimillion-dollar end-to-end BI deals," Gartner said.

The BI market could also see a new era of expansion thanks to a trend Gartner calls data-as-a-service. Rather than buy traditional software tools to build analytic applications, "organizations increasingly will subscribe to industry-specific data services that bundle a narrow set of data with BI and analytic capabilities embedded," Gartner said.